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Futures up: Dow 0.72%, S&P 500 1.19%, Nasdaq 1.67%

May 1 (Reuters) - U.S. stock index futures jumped on

Thursday as shares of Microsoft ( MSFT ) and Meta Platforms ( META ) surged after

strong quarterly results from both the Magnificent Seven

heavyweights pointed to a still-strong outlook for the

technology sector.

Microsoft ( MSFT ) forecast stronger-than-expected quarterly

growth for its cloud-computing business Azure after beating Wall

Street estimates for the latest quarter. Meta Platforms ( META )

posted better than expected revenue on the back of strong

advertising performance.

Meta rose 6.2%, while Microsoft ( MSFT ) jumped 8.2% in premarket

trade. Both companies reported after market close on Wednesday.

The strong results from the two megacaps helped calm jitters

over an increasingly uncertain outlook for businesses and the

economy, due to sweeping and often erratic shifts in U.S. tariff

policy and an escalating trade war with China.

Data on Wednesday showed the U.S. economy contracted in the

first quarter for the first time in three years, while several

companies have cut or even withdrawn financial forecasts amid a

highly uncertain environment.

Despite that, estimates for S&P 500 earnings growth in the

first quarter now stand at 11.5%, as per LSEG data on Wednesday,

up from the 7.8% growth forecast at the start of April.

At 5:11 a.m. ET, Dow E-minis were up 294 points, or

0.72%, S&P 500 E-minis were up 66.25 points, or 1.19%,

and Nasdaq 100 E-minis were up 328.5 points, or 1.67%.

Other technology megacaps jumped, with Nvidia ( NVDA ) up

4.3% and Alphabet gaining 1.1%.

After Microsoft ( MSFT ) and Meta's strong reports, Amazon.com ( AMZN )

and Apple ( AAPL ) are scheduled to report after the

close on Thursday.

Amazon ( AMZN ) shares rose 4%, but Apple ( AAPL ) shares slipped 1.3% after a

federal judge ruled the iPhone maker had violated a U.S. court

order to reform its App Store.

Corporate results continue at full throttle, with Eli Lilly ( LLY )

, McDonald's and Mastercard ( MA ) among those

due before the bell.

The day's economic data docket is also heavy with weekly

jobless claims, manufacturing PMIs and construction spending.

Despite choppy intraday trading, the S&P 500 has managed to

close higher for the past seven sessions, a winning streak last

seen in late November. The benchmark index and the Dow notched

monthly losses in April, while the Nasdaq rose slightly.

Mobile chip designer Qualcomm ( QCOM ) was one of the latest

firms to forecast a hit to revenue from the trade war. Its

shares fell 5.2%.

Meanwhile, shares of Robinhood rose 3.1% after

higher volumes amid volatile markets lifted the trading

platform's profit above forecasts.